Beyond Meat raises US$241 million amid growing appetite for vegan food
Beyond Meat is still not profitable as of yet but seeks to compete with the global meat industry. – AFP pic, May 2, 2019
VEGAN burger upstart Beyond Meat, whose backers include Hollywood star Leonardo DiCaprio and Microsoft founder Bill Gates, has raised US$241 million from its initial public offering, valuing the firm at about US$1.5 billion as it surfs a wave of “flexitarianism”. The California-based firm said it sold 9.625 million shares on the Nasdaq exchange at US$25 each today, at the top of its offer range. Reflecting strong investor demand, it had increased the offer price of its shares to US$23-25 from $19-21.
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